Axis waives Magnus/Horizon fees — ₹0 annual
Axis Bank waives the joining and annual fees for the Magnus and Horizon cards, worth ₹12,500 + GST and ₹3,000 + GST respectively, for new Burgundy account holders from 1 July 2026. This makes the Magnus a free card to hold for Axis private-banking clients, despite its diminished transfer firepower.
Axis Bank has announced that it will waive the joining and annual fees for the Magnus and Horizon cards for new Burgundy account holders from 1 July 2026. The Magnus card’s fee is ₹12,500 + GST, while the Horizon card’s fee is ₹3,000 + GST. This waiver applies only to new Burgundy relationships, not existing Magnus or Horizon holders. The waiver is a significant benefit for Axis private-banking clients, as it eliminates the carrying cost of the Magnus card. Although the card’s transfer firepower has been diminished, the zero annual fee makes it a more attractive option. Our take: if you’re an Axis private-banking client considering the Magnus or Horizon card, this waiver makes them more appealing. However, existing Magnus or Horizon holders will not benefit from this waiver, and should continue to weigh the cards’ benefits against their costs.